Asian Development Bank6 ADB Avenue, Mandaluyong City1550 Metro Manila, Philippineswww.adb.org/economics©2011 by Asian Development BankMarch 2011ISSN 1655-5252Publication Stock No. WPS113508The views expressed in this paper are those of the author(s) and do not
necessarily reect the views or policies
of the Asian Development Bank.The ADB Economics Working Paper Series is a forum for stimulating discussion andeliciting feedback on ongoing and recently completed research and policy studiesundertaken by the Asian Development Bank (ADB) staff, consultants, or resourcepersons. The series deals with key economic and development problems, particularly
those facing the Asia and Pacic region; as well as conceptual, analytical, or
methodological issues relating to project/program economic analysis, and statistical dataand measurement. The series aims to enhance the knowledge on Asia’s development
and policy challenges; strengthen analytical rigor and quality of ADB’s country partnershipstrategies, and its subregional and country operations; and improve the quality and
availability of statistical data and development indicators for monitoring developmenteffectiveness.
The ADB Economics Working Paper Series is a quick-disseminating, informal publicationwhose titles could subsequently be revised for publication as articles in professional
journals or chapters in books. The series is maintained by the Economics and ResearchDepartment.